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Jan 1, 2013
01/13
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cliff. live in washington, d.c. with what just happened. >> reporter: we are waiting for the vice president to arrive on capitol hill. this is his chance to sell the deal to democrats. there is no vote planned on the floor, though one could come at any time after democrats meet. president obama and leaders say they are close to a deal but it is on a smaller scale. a deal would raise taxes on families making more than $450,000 and extend unemployment benefits. >> we will work on finding smarter ways to cut spending. but let's not let that hold up perecing americans -- protecting americas. >> reporter: here is where they have been struggling, automatic spending cuts to the trillion dollars mark. it would effect the defense department and social programs. >> wee using -- we are using an ax instead of a scalp. >> reporter: even if there is a vote tonight in the senate the house still has toapprove something and they have -- to approve something and they have already gone home. they will be back
cliff. live in washington, d.c. with what just happened. >> reporter: we are waiting for the vice president to arrive on capitol hill. this is his chance to sell the deal to democrats. there is no vote planned on the floor, though one could come at any time after democrats meet. president obama and leaders say they are close to a deal but it is on a smaller scale. a deal would raise taxes on families making more than $450,000 and extend unemployment benefits. >> we will work on...
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Dec 26, 2012
12/12
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>> the day of reckoning could be when we go off the fiscal cliff, everybody votes to have the tax cuts. everybody gets the political advantage of a tax cut so scared little rabbits don't have to worry about raising taxes. we'll have to get serious. your guys just gave us, it was depressing enough to go out and have two double cheeseburgers and a milk shake. it was awful, and it's about time. we need a plus. we need something to charge up this economy, and getting this done. robert zelic on our board on the campaign to fix the debt, you know, the former head of the world bank, he said america is one good debt deal away from being the dominant economy for the next 25 years in the entire world. >> so you believe it's going town lock -- taking away that uncertainty is going to unlock cap "x" and hiring and consumers to open up their wallet? you think it will make that much of a difference? >> i believe it will. how many other arrows do we have in our quiver? >> there's an optimistic thought. better have another cheeseburger, governor. good to see you, again. thank you. >> good to see you g
>> the day of reckoning could be when we go off the fiscal cliff, everybody votes to have the tax cuts. everybody gets the political advantage of a tax cut so scared little rabbits don't have to worry about raising taxes. we'll have to get serious. your guys just gave us, it was depressing enough to go out and have two double cheeseburgers and a milk shake. it was awful, and it's about time. we need a plus. we need something to charge up this economy, and getting this done. robert zelic...
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Dec 27, 2012
12/12
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the fiscal cliff is scary. another recision, higher unemployment, economic slowdown. tax money taken out of the economy. those are major concerns. we're going to have to react as a business and it could result in cut backs. the fiscal cliff was meant to be something that nobody wanted to go anywhere near and here we are about to go off it. we really need our elected officials to figure this out, keep our economy growing and gives us some certainty about the future so we can make our plans as business leaders. we're all having such a great year in the gulf, we've decided to put aside our rivalry. 'cause all our states are great. and now is when the gulf gets even better. the beaches and waters couldn't be more beautiful. take a boat ride or just lay in the sun. enjoy the wildlife and natural beauty. and don't forget our amazing seafood. so come to the gulf, you'll have a great time. especially in alabama. you mean mississippi. that's florida. say louisiana or there's no dessert. brought to you by bp and all of us who call the gulf home. >>> welcome back. the dow jones
the fiscal cliff is scary. another recision, higher unemployment, economic slowdown. tax money taken out of the economy. those are major concerns. we're going to have to react as a business and it could result in cut backs. the fiscal cliff was meant to be something that nobody wanted to go anywhere near and here we are about to go off it. we really need our elected officials to figure this out, keep our economy growing and gives us some certainty about the future so we can make our plans as...
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Dec 26, 2012
12/12
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. >> the seeds of the fiscal cliff were planted in 2001 with the ten-year window for the bush tax cuts. secondly, look, you're not going to like this, rick, but the fact is the president has come more than halfway in terms -- he hasn't come anywhere. he's come halfway on 7%. he hasn't come halfway on the other side, the entitlement side, the reform side. we're going to a too light deal that's too small. >> a lot of people are saying he wants to go over the cliff because it gives him more leverage. >> yes. >> his treasury secretary said that. tim geithner said that on cnbc. >> right. >> well, look, i mean, first of all, i don't believe he wants to go over the cliff, but if we go over the cliff, the economic downturn only occurs as others have said in this very segment if we stay over. if we go over and quickly reverse the damage. it's not good. it's bad, but it's a lot better than the recessionary scenario of staying over. >> rick? >> i listened. doesn't change my mind what. are you going to be saying four years from today? >> we didn't expect it to. >> matt, what do you make of what's
. >> the seeds of the fiscal cliff were planted in 2001 with the ten-year window for the bush tax cuts. secondly, look, you're not going to like this, rick, but the fact is the president has come more than halfway in terms -- he hasn't come anywhere. he's come halfway on 7%. he hasn't come halfway on the other side, the entitlement side, the reform side. we're going to a too light deal that's too small. >> a lot of people are saying he wants to go over the cliff because it gives him...
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Dec 26, 2012
12/12
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on to the fiscal cliff this morning. the president cutting his vacation short in hawaii. the president plans to leave for washington tonight. congress expected to return on thursday. president, guys, not expected to actually arrive in washington until tomorrow morning. no talks scheduled that we know of as of yet. all the attention's going to turn to the senate, which tends to be more of a compromising body than the house is. >> yes. and the president is available in person if you should want to go over there and visit with him. or perhaps if he wants to visit with anybody else. the consensus seems to be if you get some sort of a deal, it's obviously not going to be the big deal. it will simply be something that extends the tax cuts for the vast majority of americans, at least those earning less than $250,000 a year. the consensus seems to be, carl, that if we don't get a deal by the second or third or fourth week, the super bowl week, we'll start to feel it in the economy. >> we had a notable sell-off. there is typically a bias on christmas eve, but the worst christmas e
on to the fiscal cliff this morning. the president cutting his vacation short in hawaii. the president plans to leave for washington tonight. congress expected to return on thursday. president, guys, not expected to actually arrive in washington until tomorrow morning. no talks scheduled that we know of as of yet. all the attention's going to turn to the senate, which tends to be more of a compromising body than the house is. >> yes. and the president is available in person if you should...
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Dec 24, 2012
12/12
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>> the day before christmas, of course, still no fiscal cliff resolution. the $500 billion in spending cuts and tax increases start on january 1st unless the white house and congress reach some sort of agreement. we're joined by former pennsylvania governor ed rendell, co-chair of the campaign to fix the debt. and a cnbc contributor. governor, happy holidays. good morning to you. >> good morning, guys. >> so we're sitting here wondering what can be done in the next seven days. even in your role, if you're having to reset expectations. >> sure. i think it's fair to say the campaign is disappointed. we're not going to -- unless lightning strikes, we're not going to get a big deal. we're going to get something that avoid the cliff. kicks the can down the road on the serious issues. the serious issues, the can gets kicked into the debt ceiling. president says he's not going to deal with the debt ceiling. who knows what's going to happen at that point. i think we blew an opportunity in the last seven weeks to really sit down, do something good for the country, d
>> the day before christmas, of course, still no fiscal cliff resolution. the $500 billion in spending cuts and tax increases start on january 1st unless the white house and congress reach some sort of agreement. we're joined by former pennsylvania governor ed rendell, co-chair of the campaign to fix the debt. and a cnbc contributor. governor, happy holidays. good morning to you. >> good morning, guys. >> so we're sitting here wondering what can be done in the next seven days....
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Dec 24, 2012
12/12
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one in three americans have cut personal spending over fiscal cliff worries about the economy. >> i'm definitely shopping on a budget because i just wrote a book, and i had to spend a lot of money to get the book printed. so i have to be very careful. >> i guess we're always on a budget but we always exceed the budget. >> my budget is lower than last year. but it's going okay. i'm still able to get people little gifts here and there. >> we're spending a lot of money this year. we're buying everybody gifts this year. just because i guess it's almost random. >> notice the only one blowing the budget is the woman. notice most of those people we interviewed are guys, because who else waits to the last minute? back to you, joe. >> you're right. although i was a little early this year. but i did it the right way this year, jane, i took her with me. because the humiliation of returning something, you know, four times a year, anniversary, birthday, christmas -- >> would you call my husband and tell him that? >> he should take you, right? it wasn't easy. physically i could carry her. >> any ti
one in three americans have cut personal spending over fiscal cliff worries about the economy. >> i'm definitely shopping on a budget because i just wrote a book, and i had to spend a lot of money to get the book printed. so i have to be very careful. >> i guess we're always on a budget but we always exceed the budget. >> my budget is lower than last year. but it's going okay. i'm still able to get people little gifts here and there. >> we're spending a lot of money this...
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Dec 31, 2012
12/12
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obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the programs since 2009. he felt it was important to get the message out there. you are right he was pounding the same message again and again f. we go up the fiscal cliff for not meeting them halfway. >>> not because democrats and congre congre congress don't want to go ahead and cooperate but i think it has been hard for speaker boehner and republican mcconnell to accept the fact taxes on wealthiest should go up a little bit sweas well as a deficit reduction package. if they can't say yes to good offers i have an obligation to make sure the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare. >> republicans are expressing frustration sa
obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the programs since 2009. he felt it was important to get the message out there. you are right he was...
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Dec 28, 2012
12/12
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cliff would bring massive increases and deep spending cuts treasury department would have treble paying its bills. many -- many worry it would plunge the u.s. back into a recession. one possible effect of the fiscal cliff, milk prices could spike two or three dollars a gallon because farm programs will expire the end of the year. some are calling that dairy cliff. wendy gillette, abc news, new york. >>> mike jing us with a look at the -- mike joining us with a look at the forecast, more rain on the way? >>> in due time we'll get light rain not this morning high clouds to the east from sutro tower in san francisco where dry now live doppler 7 hd spinning tracking the showers, the rain i should say as it is developing over the ocean water right now let's see how far that is, 41 miles from santa rosa, 51 from san francisco, under the returns, very dry air, sprinkles at best lieu the 30s, just updated these the entire peninsula, upper 30s only 40s left, half moon bay 41, oakland 42, san francisco 44. everybody else mid to upper 30s. 33 gilroy. 40 salinas. cool start today, light rain by the
cliff would bring massive increases and deep spending cuts treasury department would have treble paying its bills. many -- many worry it would plunge the u.s. back into a recession. one possible effect of the fiscal cliff, milk prices could spike two or three dollars a gallon because farm programs will expire the end of the year. some are calling that dairy cliff. wendy gillette, abc news, new york. >>> mike jing us with a look at the -- mike joining us with a look at the forecast,...
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Dec 30, 2012
12/12
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under the mandatory cuts of the fiscal cliff, the federal aviation administration would lose $800 million, and more than 2,000 air traffic controllers. fewer controllers mean fewer planes moving passengers and cargo. warns the air traffic controllers association. >> fb's pocketbook and livelihood is tied to the aviation system, so the impact of the aviation system not being able to provide the service that they do today would be devastating. >> reporter: if washington can't reach a compromise, the economic recovery could stall. if we cannot figure this out, they're putting a bunch of huge and ugly potholes on a road that was supposedly going to get us to economic recovery. >> reporter: in fact, air traffic controllers warn that more than 100 small airports could lose their control towers. jobs and revenue that may never come back. john bentley, cbs news, new york. >> winter storms are spreading across the country, a massive storm that created havoc east of the mississippi is now headed to new england. that storm left a trail of power outages in the southeast after dumping some 15 inches o
under the mandatory cuts of the fiscal cliff, the federal aviation administration would lose $800 million, and more than 2,000 air traffic controllers. fewer controllers mean fewer planes moving passengers and cargo. warns the air traffic controllers association. >> fb's pocketbook and livelihood is tied to the aviation system, so the impact of the aviation system not being able to provide the service that they do today would be devastating. >> reporter: if washington can't reach a...
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Dec 28, 2012
12/12
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we could tax all the rich people and cut their heads off and it wouldn't help the medicare fiscal cliff. we need to do both, and the president has to lead it. if he does, i'm ready to work with him and so are a lot of other republicans and democrats. >> so, mandy, a lot of different proposals floating around here in washington. a lot of ideas. a lot of attempts to read the minds of those key people in the room. >> eamon, is it true that some senators have left the boat and are fishing on their own for a deal? >> yeah. there are a couple of different proposals floating around out there now. you always have it in the senate, gangs of two, three, four, five senators put out their own ideas. at this late hour what the markets should focus on are the five leaders and the president that will be in that room. anything coming from any other senator is probably not fully baked enough to get through here at this point. it has to come from the leadership. >> eamon, thank you very much. appreciate it. >>> higher taxes is part of the cliff story. our next guest says there are other concerns that go
we could tax all the rich people and cut their heads off and it wouldn't help the medicare fiscal cliff. we need to do both, and the president has to lead it. if he does, i'm ready to work with him and so are a lot of other republicans and democrats. >> so, mandy, a lot of different proposals floating around here in washington. a lot of ideas. a lot of attempts to read the minds of those key people in the room. >> eamon, is it true that some senators have left the boat and are...
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Dec 24, 2012
12/12
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, do you see anything from the fiscal cliff? >> i think the average consumer doesn't understand the fiscal cliff but i think they watch the news and understand something is wrong and people are very worried about it. i think that the way things stand now, if we do go over the cliff, it is going to be most of an impact for lower end consumer. i think the higher end consumer still has an ability to spend. certainly maybe a bit more cognizant of impaktd opinion but their ability to spend on discretionary categories, it is not hammered to the extent it'll cause major pull back in spending and categories of things we cover. maybe they won't buy boats and homes, but i think sweaters and watches will sell good in that category. >> that is certainly a big, big worry but again a worry for lower end consumer. more so than the higher end consumer. if you look at employment trends, high end versus low end, it is a very different story and i think that the lower end consumer is the consumer i'm most worried about if we good over the fiscal c
, do you see anything from the fiscal cliff? >> i think the average consumer doesn't understand the fiscal cliff but i think they watch the news and understand something is wrong and people are very worried about it. i think that the way things stand now, if we do go over the cliff, it is going to be most of an impact for lower end consumer. i think the higher end consumer still has an ability to spend. certainly maybe a bit more cognizant of impaktd opinion but their ability to spend on...
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Dec 25, 2012
12/12
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avoid the fiscal cliff, billions in tax hikes and spending cuts will kick in. that uncertainty sparked another day of selling on wall street christmas eve. the dow dropped almost 52 points. >>> one of the most popular gifts under the christmas tree? gift cards. the national retail federation survey found 81% of shoppers bought gift cards this year spending an average of $150 each. >>> despite an increase in gift cards sales retailers anticipate holiday sales will be disappointing. while spending is expected to be up over last year, it is expected to be less than businesses were hoping for. >>> smart phones are a popular gift this year. next year smart cameras could be a big hit. they are already a couple on the market. nikon's new camera has wi-fi gps and many of the apps you'll find on an android smart phone. samsung's galaxy cam can also go an line allowing you to take pictures and immediately share them on social media. other companies are working on similar devices for next year. that's your money watch. for more business headlines go to cbsmoneywatch.com.
avoid the fiscal cliff, billions in tax hikes and spending cuts will kick in. that uncertainty sparked another day of selling on wall street christmas eve. the dow dropped almost 52 points. >>> one of the most popular gifts under the christmas tree? gift cards. the national retail federation survey found 81% of shoppers bought gift cards this year spending an average of $150 each. >>> despite an increase in gift cards sales retailers anticipate holiday sales will be...
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Dec 25, 2012
12/12
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the painful cuts that may hit critical progrs in the bay area and beyond. >>> the fiscal cliff countdown continues. the painful cuts that may hit critical programs in the bay area and beyond. >>> and we're live in san francisco where glide memorial is getting ready to serve up thousands of meals for the bay area's homeless and needy. we'll tell you how you can help in just a moment. >>> here we go again. a christmas storm headed to the bay area. the one is going to pack a punch. we will talk about it coming up. >>> good morning and merry christmas. it is monday, december 25th. i'm elizabeth wenger, michelle is off. >> i'm frank mallicoat. 5:00 now on this holiday morning. and they may be on the holiday -- are we going to go to lawrence first? we're just going to jump it. >> we've got grinches. >> fiscal cliff is not far om
the painful cuts that may hit critical progrs in the bay area and beyond. >>> the fiscal cliff countdown continues. the painful cuts that may hit critical programs in the bay area and beyond. >>> and we're live in san francisco where glide memorial is getting ready to serve up thousands of meals for the bay area's homeless and needy. we'll tell you how you can help in just a moment. >>> here we go again. a christmas storm headed to the bay area. the one is going to...
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Dec 26, 2012
12/12
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if we're going to cut the size and scope of government perhaps we should go over the fiscal cliff so people will understand government spending is out of control and may start to ask questions being asked at the kitchen tables of every family, why we see christmas sales so low. they're saying how do we make major purchases? people are cutting back in personal lives, they want got to do the same. something else is playing into christmas sales being low. christmas itself is under attack. a lot of christian conservatives believe that if we're going to say happy holiday, perhaps those that think it's any other holiday should support the economy and they're not buying the gifts they used to buy. they do christian efforts locally in churches and talk to families about other things than gifts. >> we always say merry christmas here but stay on this here. if we do go over the fiscal cliff, yes, taxes will go up. molly outlined how much for every income level across the board. >> very hard. >> down the road, isn't it the only way we get our fiscal house back in order? >> that's what i'm hearin
if we're going to cut the size and scope of government perhaps we should go over the fiscal cliff so people will understand government spending is out of control and may start to ask questions being asked at the kitchen tables of every family, why we see christmas sales so low. they're saying how do we make major purchases? people are cutting back in personal lives, they want got to do the same. something else is playing into christmas sales being low. christmas itself is under attack. a lot of...
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Dec 26, 2012
12/12
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the white house says the president is cutting its vacation in hawaii short to deal with "fiscal cliff" negotiations. his focus, figure out a plan to avoid the huge spike in taxes and spending cuts set to take effect in 6 days. senate majority leader harry reid is believed to be crafting his own fiscal package including extending the bush- era tax cuts for households making less than $250,000. now, regardless of what happens with the "fiscal cliff," new taxes to help pay for the affordable healthcare act will take effect january 1. but the average american will not really see a difference in his bill to the irs. the wealthiest 2% of americans and the healthcare industry will pick up the majority of the tab. back to you. >> thank you. >>> now, ladies and gentlemen, time for the big story of the day. that is as per usual the weather and now the hardest working woman in showbiz. >> i have been working a lot lately. i know. yeah. the holidays, busy time. and if you are out and about traveling you know the rain has been a big issu the last few days. we'll get some brief dry breaks but we ha
the white house says the president is cutting its vacation in hawaii short to deal with "fiscal cliff" negotiations. his focus, figure out a plan to avoid the huge spike in taxes and spending cuts set to take effect in 6 days. senate majority leader harry reid is believed to be crafting his own fiscal package including extending the bush- era tax cuts for households making less than $250,000. now, regardless of what happens with the "fiscal cliff," new taxes to help pay for...
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Dec 29, 2012
12/12
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that could avoid the dread td fiscal cliff. president met with house and senate leaders from both parties. president obama later revealed senate majority and minority leaders working behind closed doors right now to koum come up with a deal. he says he's optimistic but he talked about a back up plan. >> will urge senator read to bring a basic package to preproe detective the middle class from a hike. >> no details given but sources indicate the president did not make a new offer to republicans and pushed for a bill stopping looming tax increases on families earning less than $250,000 a year. >> a 24-year-old woman charged in qex killing of two volunteer firefighters in upstate new york on christmas eve. dawn nguyen accused of file filing a falsified business record, investigators say charges relate to purchase of an ar 15 rifle, and 12 gauge shotgun the shooter had when the firefighters were gunned down. three others were hurt before a 62-year-old killed himself. there is his shot. as a convicted felon he could not purchase wea
that could avoid the dread td fiscal cliff. president met with house and senate leaders from both parties. president obama later revealed senate majority and minority leaders working behind closed doors right now to koum come up with a deal. he says he's optimistic but he talked about a back up plan. >> will urge senator read to bring a basic package to preproe detective the middle class from a hike. >> no details given but sources indicate the president did not make a new offer to...
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Dec 28, 2012
12/12
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gregg: this lawmakers do not reach a deal with regard to the fiscal cliff cuts will go into the defense department. >> reporter: the whole package of spending cuts is $1.2 trillion, half to the defense department. the army, navy, air force marines would take equal cuts according to one analyst who says the impact on the military overall will be, quote, very serious. >> the pentagon and the departments are already in financial trouble, because there has already been a $480 billion cut that is being applied right now as we speak. to take another cut on top of that is devastating. >> reporter: it's not just the military itself that will take a hit, also the defense industry, defense contractors, private companies that do work for the pentagon. one democratic congressman in northern virginia whose district maybe hit the hardest by all of this says it could mean layoffs. >> the large defense contractors will probably be okay, they have significant cash reserves, most of them. the smaller contractors would have trouble getting their lines of credit extended, trouble keeping their employees, i
gregg: this lawmakers do not reach a deal with regard to the fiscal cliff cuts will go into the defense department. >> reporter: the whole package of spending cuts is $1.2 trillion, half to the defense department. the army, navy, air force marines would take equal cuts according to one analyst who says the impact on the military overall will be, quote, very serious. >> the pentagon and the departments are already in financial trouble, because there has already been a $480 billion...
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Dec 30, 2012
12/12
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i understand even if they reach a deal on the fiscal cliff, there are already defense cuts that will hurt anyway. >> that's right. those decisions have been made. what's so disappointing about this deal being constructed here, and hopefully there is one, is the fact sequestration is not on the table. that is going to take place anyway. we look at the readiness of our forces and readiness is a word that describes the preparedness to fight effectively and that he is what americans should remember. we look at one, do we have the people, and are they qualified with the appropriate skill sets, enlisted and officer. do we have the repair parts and maintenance hours to fix the equipment that we have and then are we able to train effectively with that with the amount of hours and time needed to do that. all of that would be cut back significantly, so the readiness of this force, its ability to fight is what i'm saying, would go down markedly. and also there's going to be significant morale impact to the force because all of the services on bases would be cut to include repair and maintenance
i understand even if they reach a deal on the fiscal cliff, there are already defense cuts that will hurt anyway. >> that's right. those decisions have been made. what's so disappointing about this deal being constructed here, and hopefully there is one, is the fact sequestration is not on the table. that is going to take place anyway. we look at the readiness of our forces and readiness is a word that describes the preparedness to fight effectively and that he is what americans should...
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Jan 1, 2013
01/13
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that make up the fiscal cliff. the vote was an overwhelming 39- 8. the house vote is expected tomorrow. >>> meanwhile back in the west coast here's a live look. up to a quarter a million people are expected for the fireworks show. many of them staked out their spots hours ago and they were hanging out despite temperatures plummeting. >>> every year bringing changes some good, some bad and some less. less change in your pocket any way. mike sugarland says get ready to pay more for everything starting tomorrow. >> reporter: has the dubious distinction of having the highest sales tax in california. >> even if it's just one penny. it's 5-cents it's going to add up. especially for young kids, i'm 21 and i spend money like it's nothing. >> reporter: now when she spends money like it's nothing she's going to spend a penny for every $4, that's a big deal. >> nobody likes it but i guess if it has to be it has to be. >> reporter: steve leon is a manager of a local tire store and he's not worried. prop 30 raised taxes and it
that make up the fiscal cliff. the vote was an overwhelming 39- 8. the house vote is expected tomorrow. >>> meanwhile back in the west coast here's a live look. up to a quarter a million people are expected for the fireworks show. many of them staked out their spots hours ago and they were hanging out despite temperatures plummeting. >>> every year bringing changes some good, some bad and some less. less change in your pocket any way. mike sugarland says get ready to pay more...
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Dec 28, 2012
12/12
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cliff would bring massive tax increases and deep spending cuts. treasury department would have trouble paying its bills. many worry the financial woes would plunge the u.s. back into a recession. within possible effect of the fiscal cliff/fro, -- milk prices could spike two or three dollars a gallon because farm -- some are calling that dairy cliff. >>> 6:17. mike here tracking light rain.i. l >> i'd like to. >> here's mike with the weather. >>> thank you, hope you are having a great friday morning dry sky over san francisco from the east to sutro tower. light rain showing up off the sonoma county coast,oo8Ñ let's zoom down and show you highway 1 from to inverness looks like it is raining but not reaching the ground. sprinkles possible during the as air mass start to moisten under this flow from the west. best chance of light rain around noon and later this afternoon. until then, chilly, dress for temperatures in the 30s everywhere, except fremont, 41, oakland if you are san francisco 44, monterey bay, everybody in the 30s except salinas at 40, m
cliff would bring massive tax increases and deep spending cuts. treasury department would have trouble paying its bills. many worry the financial woes would plunge the u.s. back into a recession. within possible effect of the fiscal cliff/fro, -- milk prices could spike two or three dollars a gallon because farm -- some are calling that dairy cliff. >>> 6:17. mike here tracking light rain.i. l >> i'd like to. >> here's mike with the weather. >>> thank you, hope you...
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Dec 27, 2012
12/12
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also dragging down sales was uncertainty about the so-called fiscal cliff, tax hikes and spending cuts set to take effect next year. if lawmakers don't reach a deal to avoid it, consumers could see higher taxes eating into their paychecks. even online sales suffered. compared to past years of double-digit growth, this year, online holiday sales rose only about 8%, compared to nearly 16% last year. overall, holiday spending accounts for up to 30% of retailers' annual sales, so the disappointing season is a concern for an economy struggling to recover. >> consumers need to have more confidence. consumers need to feel that their jobs are secure. it's not an ideal situation. it's more of a conservative, cautious time. and companies are managing carefully, consumers are spending carefully. >> reporter: retailers are now hoping to lure consumers with deep discounts of 75% to 80% off in some cases as they try to salvage profits from this lackluster holiday shopping season. jim. >> axelrod: so, elaine, this is the first set of holiday shopping numbers that we've seen. any chance that they'll b
also dragging down sales was uncertainty about the so-called fiscal cliff, tax hikes and spending cuts set to take effect next year. if lawmakers don't reach a deal to avoid it, consumers could see higher taxes eating into their paychecks. even online sales suffered. compared to past years of double-digit growth, this year, online holiday sales rose only about 8%, compared to nearly 16% last year. overall, holiday spending accounts for up to 30% of retailers' annual sales, so the disappointing...
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Dec 31, 2012
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is apparently going over the fiscal cliff. in just six hours across the board spending cuts and automatic tax hikes for all americans will kick in. lawmakers say they're close to an agreement. there are still some major sticking points. randall pinkston has the very latest. >> reporter: the gnat is close to a daily as the clock ticks toward mid nature and the nation teethers on the edge of the so-called fiscal cliff. >> let's pass the tax relief portion now. let's take what's been agreed to and get moving. >> reporter: the tentative deal would extend bush era tax cuts for families making $450,000 a year and individuals making 40 o,000. it would also extend unemployment benefits for one year. president obama said he would have preferred a grand bargain that solves all of washington's revenue and spending problems. >> with this congress, that was obviously a little too much to hope for at this time. it may be we can do it in stages. >> reporter: negotiations have been going on all day, lawmakers and aids moving back and forth be
is apparently going over the fiscal cliff. in just six hours across the board spending cuts and automatic tax hikes for all americans will kick in. lawmakers say they're close to an agreement. there are still some major sticking points. randall pinkston has the very latest. >> reporter: the gnat is close to a daily as the clock ticks toward mid nature and the nation teethers on the edge of the so-called fiscal cliff. >> let's pass the tax relief portion now. let's take what's been...
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Dec 27, 2012
12/12
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. >> tt is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest -- remember, it's only 2%. and all of those americans get a tax cut on the framework of the first $250,000 of their income. >> yeah, yeah, you still get the 250, andrew. they love that. what does oh, absolutely mean, bob? >> maybe it means his favorite movie was "rebel without a cause." >> go the. >> i guess it's letting the other side know you're willing to go eyeball to eyeball with something that is terrible. >> i see both sides pretending to say, yeah, we're doing all we can, but it's almost just like this -- like boehner just said, hey, you guys, you happen, in the democratic-controlled senate, you put a bill together. i'd love to consider it. he can't get his guys to consider a democratic bill. >> as long as they feel like they can blame the other guy, they feel they have cover. this is not really where we want to go with this. this isn't simply miscalculation. this is a
. >> tt is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest -- remember, it's only 2%. and all of those americans get a tax cut on the framework of the first $250,000 of their income. >> yeah, yeah, you still get the 250, andrew. they love that. what does oh, absolutely mean, bob? >> maybe it means his favorite movie was "rebel...
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Dec 26, 2012
12/12
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tracy: a nice and shiny fiscal cliff. president obama cut his vacation short. we are tracking where it is headed next. we are expecting negotiations to continue tomorrow. there is talk now that that may not happen. time to head down to the new york stock exchange with nicole petallides. nicole: merry christmas to everybody. the vix, the fear index, has been to the upside. whether or not washington will solve the worries about the so-called fiscal cliff approaching quickly. here is a look at the dow. 13,100 even. most of the dow components are under pressure. hewlett-packard doing well and bank of america in the financial round. it really is being laid upon by the retailers. i no adam shapiro will add on to that. there is a look at some movers. michael cores down over 6%. tracy: i was in the balls this weekend. lori: crowded theater not like i thought it would be. adam shapiro in the newsroom with the details. i thought it was way busier last year than it was this weekend. >> no. here are some numbers. for the period of october to eight and december 24, sales gr
tracy: a nice and shiny fiscal cliff. president obama cut his vacation short. we are tracking where it is headed next. we are expecting negotiations to continue tomorrow. there is talk now that that may not happen. time to head down to the new york stock exchange with nicole petallides. nicole: merry christmas to everybody. the vix, the fear index, has been to the upside. whether or not washington will solve the worries about the so-called fiscal cliff approaching quickly. here is a look at the...
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Dec 27, 2012
12/12
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can president obama come pack -- back and fix this fiscal cliff? >> no,e's decided he's not going to cut anything, anywhere. it's not a discussion. john boehner put the ball back in his court saying i'll ease up on taxes and he's not willing to cut significant spending. >> thank you very much. >>> fair and balanced. democratic congressman gregory meeks joins me live in the studio. you were feisty on the way in saying you and are going to to getting together on the house floor and sign a deal. no fiscal cliff. >> we have to work it out. it's bad for the country if we don't. i've talked to a number of friends from bothides of the aisle and we are hopeful it gets worked out. >> how can you work itut when the president himself, according to the "wall street journal" said -- speaker boehner came up with $800 billion and he said that doesn't cnt. >> it's clear we see what the problem is. the problem is, as the speaker indicated before we broke, he thought he had votes. so his plan b. the speaker said, and the majority leader said, i have the votes. we we
can president obama come pack -- back and fix this fiscal cliff? >> no,e's decided he's not going to cut anything, anywhere. it's not a discussion. john boehner put the ball back in his court saying i'll ease up on taxes and he's not willing to cut significant spending. >> thank you very much. >>> fair and balanced. democratic congressman gregory meeks joins me live in the studio. you were feisty on the way in saying you and are going to to getting together on the house...
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Dec 26, 2012
12/12
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but six days before the fiscal cliff, president obama cutting short his christmas vacation on the off chance he and congress might be able to cut some kind of deal. he left. but brianna keilar is still there in honolulu. when's the president leaving and why does he really expect to avoid the cliff? >> reporter: i will be leaving as well when the president leaves, don. he is expected. he will be leaving tonight. that's local time. so he'll be traveling overnight and arriving back in the d.c. area late thursday morning. as you know, the senate reconvenes tomorrow. so he'll be going back as that is happening. we heard from him last week as he was heading out to hawaii. he said, see you next week. we had a thought that this was probably going to happen. he is officially now going back. he said last week, don, that he is still optimistic that something can get done. the other issue here, though, is you can imagine, how bad it would look if he go over the cliff and there's a lot of work to make sure that doesn't happen. he's here in hawaii on vacation. that would look terrible for him. so o
but six days before the fiscal cliff, president obama cutting short his christmas vacation on the off chance he and congress might be able to cut some kind of deal. he left. but brianna keilar is still there in honolulu. when's the president leaving and why does he really expect to avoid the cliff? >> reporter: i will be leaving as well when the president leaves, don. he is expected. he will be leaving tonight. that's local time. so he'll be traveling overnight and arriving back in the...
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Dec 26, 2012
12/12
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. >>> the looming fiscal cliff is forcing president obama to cut short his christmas vacation. the deadline is only six days away. the president plans to leave hawaii today and head back to washington to meet with lawmakers. where heed he and his wife, michelle, spent christmas visiting u.s. troops and their families in hawaii. to beat the january 1st deadline senate majority leader harry reid is said to be crafting his own fiscal package. it would extend the bush era tax cuts for households making less than $250,000, extend long-term unemployment, short-term spending cuts, and make a scheduled drop in medicare reimbursement to doctors. house speaker john boehner said they've had no communication with senator reid. >>> the exconwho ambushed and killed two volunteer firefighters in upstate new york may have murdered his sister. her body was found yesterday, and police say william spamglor had the same kind of military rifle used in the connecticut school massacre. he left behind a chilling note. >> reporter: the christmas eve fire in western new york burned seven homes to the gr
. >>> the looming fiscal cliff is forcing president obama to cut short his christmas vacation. the deadline is only six days away. the president plans to leave hawaii today and head back to washington to meet with lawmakers. where heed he and his wife, michelle, spent christmas visiting u.s. troops and their families in hawaii. to beat the january 1st deadline senate majority leader harry reid is said to be crafting his own fiscal package. it would extend the bush era tax cuts for...
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Dec 30, 2012
12/12
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. >> here in washington there is still hope a deal can be cut in time to avert the fiscal cliff. on saturday the president was at work here in the white house, but all eyes were on the senate where negotiators were trading deal points and revenue figures to try to reach an agreement all sides can stomach. the baseline for the president, any bipartisan bill has to extend unemployment insurance that would affect some 2 million americans, and increase taxes for the highest income earners. negotiators can still work out exactly where that tax increase would hit and whether they would halt an increase in the estate tax. in case those discussions break down, the president has asked democratic leader harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. that's really a democratic proposal, and you can expect republicans to block it. rather than thinking of that as a stop gap measure, you should probably think of it it as a political measure to shift the responsibility for failure onto republicans just bef
. >> here in washington there is still hope a deal can be cut in time to avert the fiscal cliff. on saturday the president was at work here in the white house, but all eyes were on the senate where negotiators were trading deal points and revenue figures to try to reach an agreement all sides can stomach. the baseline for the president, any bipartisan bill has to extend unemployment insurance that would affect some 2 million americans, and increase taxes for the highest income earners....
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Dec 27, 2012
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. >>> president barack obama arrives for high level talks on the fiscal cliff. he will cut his trip short in hopes of negotiating a deal with republicans. >>> and pg&e is returning gas service to a brentwood neighborhood and others are under water to shelter in place. >>> business owners are trying to put a top to it. now fruitville avenue they are smashing windows destroying decorations and the latest incident happened. that area has been the center of reason crimes and they are asking city leaders for more protection. they are looking at three shoplifting suspects. the three women went into two source stores on scald -- two stores on california streets and they put some merchandise into their bags and walked out of the stores. they have been arrested but they are still looking for more information on the suspects. >>> they refused to bring medical coverage to include morning after conception. sonia judge sonia sotomayor was looking whether to violate their faith and said the challenge could be heard in a lower court. >>> doctors are still keeping a close eye o
. >>> president barack obama arrives for high level talks on the fiscal cliff. he will cut his trip short in hopes of negotiating a deal with republicans. >>> and pg&e is returning gas service to a brentwood neighborhood and others are under water to shelter in place. >>> business owners are trying to put a top to it. now fruitville avenue they are smashing windows destroying decorations and the latest incident happened. that area has been the center of reason...
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Dec 29, 2012
12/12
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the fiscal cliff is defense cuts and high taxes welcome to the republican party. >> rational people say that's not a good thing to do. i would hope that robert and sober behavior before new year's eve would land like an alien rocketship in washington and get these people to the table. >> greg: alice, you are sane, i believe. what do you make of this? the point i'm trying to make is why are the democrats scared of the fiscal cliff when it defines basically their ultimate dream? the democrats are anxious. they are embracing the fiscal cliff. we got obamaened a democrats in the conservative thunder bird ready to put the pedal to the metal on the fiscal cliff. they can raise taxes. they can cut military spending and they can blame the g.o.p. when the g.o.p. is doing the smart thing here wanted pointing the finger at the real problem, which is out of control spending. fixing this problem is not going to be easy but it's not complicated. we can't rely on raising taxes. we have to focus on cutting spending. that's what republicans are doing. even more so with geithner pointing out warning us o
the fiscal cliff is defense cuts and high taxes welcome to the republican party. >> rational people say that's not a good thing to do. i would hope that robert and sober behavior before new year's eve would land like an alien rocketship in washington and get these people to the table. >> greg: alice, you are sane, i believe. what do you make of this? the point i'm trying to make is why are the democrats scared of the fiscal cliff when it defines basically their ultimate dream? the...
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Dec 28, 2012
12/12
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what the talk should be about is what we want to talk about today, and that's the medicare fiscal cliff. >> reporter: no way to cut a deal by tuesday to reform entitlements. some say that's good. >> the big problem is if we do something right now that has longlasting adverse effects on economic growth, that will cost us for a very long time. >> reporter: but for a short time americans say fix the tax problems. >> it's a frustrating feeling to see the two sides apart. >> frankly where he shouldn't be taxed more because they can't work together. >> end the taxes for the middle class and figure out the rest of it come january, worst case. >> reporter: worst case, say many, is no deal on anything. but some tea party republicans are said to be ready to let everyone's taxes go up on tuesday, so they can quickly help figure the like on middle-class taxes and later claim they voted to cut taxes. steve handelsman, news4, capitol hill. >>> some frightening moments in a d.c. neighborhood today after a stolen car slams into a metro bus. this was the scene around 10:00 this morning. it's at wheeler
what the talk should be about is what we want to talk about today, and that's the medicare fiscal cliff. >> reporter: no way to cut a deal by tuesday to reform entitlements. some say that's good. >> the big problem is if we do something right now that has longlasting adverse effects on economic growth, that will cost us for a very long time. >> reporter: but for a short time americans say fix the tax problems. >> it's a frustrating feeling to see the two sides apart....
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Dec 27, 2012
12/12
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cutting his vacation in hawaii sure to tackle the fiscal cliff. reports calling the possibility of a deal before the new year "virtually impossible." let's bring in former press secretary to al gore and we also have brad blakeman. they are both joining us from washington, d.c. "the house has already passed legislation to avoid the fiscal cliff, but senate democrats have not." what do you make of that feedback they are having what amounts to a staring contest right now. it is legislation that would keep tax cuts for those making under $250,000 a year. the house does not have any plans to come back before january 1. liz: the house does have a bill that would not hurt small businesses and the job creators in this country. for some reason they seem to be avoiding that very important issue for the u.s. economy. >> what i make of it is, it all goes back to the leadership of the president. the president created this crisis. remember, he was the one who had a bipartisan commission on the debt. they came back with their proposals. two years ago, the presid
cutting his vacation in hawaii sure to tackle the fiscal cliff. reports calling the possibility of a deal before the new year "virtually impossible." let's bring in former press secretary to al gore and we also have brad blakeman. they are both joining us from washington, d.c. "the house has already passed legislation to avoid the fiscal cliff, but senate democrats have not." what do you make of that feedback they are having what amounts to a staring contest right now. it is...
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Dec 27, 2012
12/12
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WBAL
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lawmakers gear up to tackle the fiscal cliff on capitol hill. >> the fiscal cliff deadline is inching closer. the aviation industry is not worried. they say they will not face immediate destruction. the defense industry urging congress to shift its attention from the cuts than to fighting over taxes. if the cuts take effect, many jobs would be lost. starbucks taking a stand on the cliff. asking customers to write "come together" on cups. toyota will take a $1.1 billion charge to settle a lawsuit that has to do with more than 10 million vehicles because of unintended acceleration. good news for the housing market. homes i use will rise as much as 2.5% nationwide. they expect 2013 to be a seller's market. the best places to buy include cleveland and philadelphia. i'm ellen braitman with the bloomberg business report. >> 5:22. support pours into newtown, connecticut. a memorial that includes every gift and a letter. don't forget to e-mail us your response to our water cooler question of the day. will you be more likely to visit a maryland casino now that some are open 24/7? you can share
lawmakers gear up to tackle the fiscal cliff on capitol hill. >> the fiscal cliff deadline is inching closer. the aviation industry is not worried. they say they will not face immediate destruction. the defense industry urging congress to shift its attention from the cuts than to fighting over taxes. if the cuts take effect, many jobs would be lost. starbucks taking a stand on the cliff. asking customers to write "come together" on cups. toyota will take a $1.1 billion charge to...
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Dec 31, 2012
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, like the ones in the fiscal cliff proposal or, at worse, the monetizing of the debt, the -- a drop in the value of the dollar, and all the harmful effects that that will have on our economy and our country. so, we come -- so, here we are december 31, not only the eve of a new year, which we hope and pray will be a great one for our country and everyone who lives in it, but a few hours away from letting our country go over the cliff. and we can't let it happen, and that's why i'm so encouraged that these bipartisan negotiations will produce -- are looking like they'll produce a bipartisan agreement which hopefully will come before the senate sometime this evening. this is not -- this will not be the comprehensive, bipartisan long-term debt agreement that we created the cliff to encourage. this will not be the bipartisan long-term debt reduction agreement that this country needs. so smuch going -- beginning to turn right in our economy. how's -- so much is going -- beginning to turn right in our economy. housing is doing so much better. unemployment is down. you see manufacturing pic
, like the ones in the fiscal cliff proposal or, at worse, the monetizing of the debt, the -- a drop in the value of the dollar, and all the harmful effects that that will have on our economy and our country. so, we come -- so, here we are december 31, not only the eve of a new year, which we hope and pray will be a great one for our country and everyone who lives in it, but a few hours away from letting our country go over the cliff. and we can't let it happen, and that's why i'm so encouraged...
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Dec 28, 2012
12/12
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economy will go over the so- called fiscal cliff. that's when automatic tax increases and spending cuts would take effect. reaching a deal before then what be easy. right now both sides are involved in a high-stakes political blame game. >> we in washington are working while the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president i would be happy to look at whatever he proposes but the truth is we're coming against a hard deadline here. i said this is a conversation we should have had months ago. >> former president george h. w. bush is still in intensive care at a hospital in houston with a stubborn fever. the family is, that he will be out of the i see you sound. the chief of staff said supporters a note yesterday including " he would ask me to tell you please put the sharks back in the closet " the 88 year- old has been in a hospital for more than a month after first coming down with bronchitis. >> a live look
economy will go over the so- called fiscal cliff. that's when automatic tax increases and spending cuts would take effect. reaching a deal before then what be easy. right now both sides are involved in a high-stakes political blame game. >> we in washington are working while the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president i would be happy to look at...
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Dec 27, 2012
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on a solution for avoiding the fiscal cliff. that cliff is january 1st when automatic tax increases and deep spending cuts will take effect. the president arriving there, live pictures of air force one touching down. >>> and fears of a big eruption has forced some 300 families to flee their homes. authorities orderod vacant use after the volcano started spewing hot gas. >> traffic is partly open right now on highway one near big sur. a rock slide closed it down on sunday and cal trans has been rushing to make repairs. crews have one lane briefly open right now. they do that to let traffic through and then have to close it back down. another round of openings is scheduled for noon and then four. there is no word yet on when the roadway will reopen. >>> a water main break prompted city officials to turn off water service to nearly 400 homes. it happened early yesterday morning causing waist deep flooding in several areas. the water main break also created a sink hole that trapped a city bus. the driver escaped unhurt. o accept sid
on a solution for avoiding the fiscal cliff. that cliff is january 1st when automatic tax increases and deep spending cuts will take effect. the president arriving there, live pictures of air force one touching down. >>> and fears of a big eruption has forced some 300 families to flee their homes. authorities orderod vacant use after the volcano started spewing hot gas. >> traffic is partly open right now on highway one near big sur. a rock slide closed it down on sunday and cal...
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Dec 26, 2012
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cliff" forces president obama to cut his christmas vacation short. i'm erica ferrari in new york. i'll have that and more coming up in your cbsmoneywatch report. >>> and what's cool about your school? you can submit your nomination on our website, cbssf.com/coolschool. we may come and feature school right here on our show. ,,,,,,,,,,,,,,,, [ boy 1 ] hey! that's the last crescent. oh, did you want it? yea we'll split it. [ female announcer ] made fresh, so light, buttery and flakey. that's half that's not half! guys, i have more! thanks mom [ female announcer ] pillsbury crescents. let the making begin [ female announcer ] holiday cookies are a big job. everything has to be just right. perfection is in the details. ♪ get to holiday fun faster >>> welcome back! here's your cbs 5 snow report: basketball team is spending holiday season in hawai'i. much more traffic and weather coming up. >>> one local college basketball team is spending the holiday season in hawaii the university of san francisco taking on the east tennessee state on christmas day in t
cliff" forces president obama to cut his christmas vacation short. i'm erica ferrari in new york. i'll have that and more coming up in your cbsmoneywatch report. >>> and what's cool about your school? you can submit your nomination on our website, cbssf.com/coolschool. we may come and feature school right here on our show. ,,,,,,,,,,,,,,,, [ boy 1 ] hey! that's the last crescent. oh, did you want it? yea we'll split it. [ female announcer ] made fresh, so light, buttery and...
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Dec 29, 2012
12/12
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around the consequences of going over the fiscal cliff actually a democrat's dream? all that's missing are vegan lunches and yoga in classrooms. you have high taxes and defense cuts. you must be giddy good going over the cliff. >> not me, i don't want to go over the cliff. i have investments, i work for a living, and guess what? it would be absolutely traumatic for the american economy and the global economy and the recession is not exactly in the midst of a strong recovery. it's pretty weak, so i don't think it's good news for anybody and this is something that the press doesn't pay attention to, greg. i think that if obama has to start a second term with everybody saying, oh my gosh, the sky is falling, the economy is going to hell, then consumer confidence thinking, that's not good news for democrats, so why would you think it's good news for democrats? >> because you just sounded like a republican. >> oh sclop! get out of here. >> you're saying that hurts the party. welcome to the republican party. >> rags nam people say that's not a good thing to do. i would hop
around the consequences of going over the fiscal cliff actually a democrat's dream? all that's missing are vegan lunches and yoga in classrooms. you have high taxes and defense cuts. you must be giddy good going over the cliff. >> not me, i don't want to go over the cliff. i have investments, i work for a living, and guess what? it would be absolutely traumatic for the american economy and the global economy and the recession is not exactly in the midst of a strong recovery. it's pretty...
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Dec 31, 2012
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the fiscal cliff. the two senate leaders, harry reid and mitch mcconnell are working on a stop-gap bill. >> at some point it appears there are things that stop us from moving forward. i hope we're not there, but we're getting real close. >> i want everyone to know i'm willing to get this done but i need a dance partner. >> the legislation would prevent tax increase for roughly 98% of american workers, extend unemployment benefits set to expire for some two million people, and prevent a huge cut in payments to medicare doctors. >> we should go ahead and introduce legs that would make sure middle class taxes stay where they are and should be an up or down vote. >> a deal won't necessarily pass congress by monday night. if it doesn't, virtually everybody's income taxes will go up. the average family would pay an extra $3,462 in 2014. and farm programs would expire, potentially doubling the price of milk, and if congress doesn't pass new bill? >> we'll come back with a new congress on january 4th and the f
the fiscal cliff. the two senate leaders, harry reid and mitch mcconnell are working on a stop-gap bill. >> at some point it appears there are things that stop us from moving forward. i hope we're not there, but we're getting real close. >> i want everyone to know i'm willing to get this done but i need a dance partner. >> the legislation would prevent tax increase for roughly 98% of american workers, extend unemployment benefits set to expire for some two million people, and...
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downgrade in the consumer confidence numbers but you have to admit, it's the fiscal cliff, the debt clock stuff. i don't blame them. >> reporter: yeah. people think the general public is oblivious and not paying attention. they want to blow off the fact people are bored about hearing about the fiscal cliff but the reality is that 98% of americans will be affected and will see taxes go up if we go over the cliff at the end of the year. this consumer confidence number is an indication of what economist have been warning if we go over the cliff and enter into a new recession in 2013. that consumer confidence number down 6 points to just over 65. you know as well as i do this is a big change in the overall trend we had been seeing of improving consumer confidence. so as we near the fiscal cliff and near the end of the year, folks are buckling up, didn't spend as much as christmastime and we depend on the spending for economic growth. it's the engine of economic growth and all fingers point to another recession. >> eric: yesterday we got indication the retail sales for christmas were bad. toda
downgrade in the consumer confidence numbers but you have to admit, it's the fiscal cliff, the debt clock stuff. i don't blame them. >> reporter: yeah. people think the general public is oblivious and not paying attention. they want to blow off the fact people are bored about hearing about the fiscal cliff but the reality is that 98% of americans will be affected and will see taxes go up if we go over the cliff at the end of the year. this consumer confidence number is an indication of...
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Dec 26, 2012
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. >>> president obama is cutting his hawaiian vacation short to get back to fiscal cliff talks in washington. the country is a week away from the tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid who is crafting a package on his own. it would extend the bush era tax cuts for households making less than $250,000 a year including the short-term spending cuts. >>> and it is a scary statistic for the recent college graduates. the number of young californians with the degrees working in restaurants or the retail, they have nearly doubled over the last five years. cbs 5 reporter tells us that these are the same people who have expensive college loans to pay off. >> reporter: when you're shopping this holiday season, or eating out, take a look around. you might notice a lot more people under 30 working those jobs. according to the census bureau, there are about 260,000 young adults with college degrees in california, taking work and food service in retail because they can't get anything else. >> it
. >>> president obama is cutting his hawaiian vacation short to get back to fiscal cliff talks in washington. the country is a week away from the tax increases and deep spending cuts that will be triggered without an agreement. the next move will likely fall on democratic senate leader harry reid who is crafting a package on his own. it would extend the bush era tax cuts for households making less than $250,000 a year including the short-term spending cuts. >>> and it is a...
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Dec 27, 2012
12/12
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if we're going to cut the sizeia and scope of government, perhaps we should go over the fiscal cliff so people understand government spending is out of control and may start to ask the questions being asked at the f round table and kitchen tables ofam every family white christms sales are so low. they're saying how can i make a major purchases in this economye people are cutting back and want government to do the same thing but something else is playing into why you are seeing christmas sales go so low this christmas season. a lot believe if we are going to say happy holidays perhaps those people who say it is any other holiday should support the economy as a result they are not buying the gifts they need to buy. they are talking to their families about a other things tn gifts.e. eric: stay on this a little bit, if we do go over the fiscal cliff, texas will go up. going up for every income level across the board. but down the road, is that the only way we get our fiscal house back in order? >> we're back down to the law, this is only a fe if you shouldy for massive government is unfa
if we're going to cut the sizeia and scope of government, perhaps we should go over the fiscal cliff so people understand government spending is out of control and may start to ask the questions being asked at the f round table and kitchen tables ofam every family white christms sales are so low. they're saying how can i make a major purchases in this economye people are cutting back and want government to do the same thing but something else is playing into why you are seeing christmas sales...
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Dec 30, 2012
12/12
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part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us away from the fiscal cliff there was a word he did not say. that word was sequester. it would cut $100 billion from the budget next year, half from domestic programs and half from defense programs. and now as the deadline draws close, experts are look at these cuts from a national security standpoint and warning one final time about their impact on the safety of our service members. >> it is going to affect the operational force that is deployed in terms of its you ability to maintain its equipment and get repair parts. that force is deployed around the world. it is not just the force in afghanistan that
part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us...
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Jan 1, 2013
01/13
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it negates the fiscal cliff of across the board tax increases and sweeping government other agencies but many house republicans said that they were opposed to the bill because they didn't cut federal spending and they were hoping gop leaders will give the house a chance to amend the bill and send it back to the senate. democrats are saying enough is enough. >> we could allow us to go over or we can try to come together and pass something that something probably on both sides of the aisle no one agrees with 100% of. >> what we're going to do in the present plan is put nearly another trillion dollars worth of debt on the american people. time is running out to change the direction because that trillion dollars isn't just a problem for the next generation, it's a problem for corporate america, it's a problem for every american. >> the deal approved by the senate continues tax breaks for those earning less than $400,000 and for couples earning less for 450,000. it raises taxes on wealthiest americans. house republicans are supposed to meet twice today about the bill no decision expected
it negates the fiscal cliff of across the board tax increases and sweeping government other agencies but many house republicans said that they were opposed to the bill because they didn't cut federal spending and they were hoping gop leaders will give the house a chance to amend the bill and send it back to the senate. democrats are saying enough is enough. >> we could allow us to go over or we can try to come together and pass something that something probably on both sides of the aisle...
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Dec 28, 2012
12/12
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if we go over that fiscal cliff, that triggers fears of automatic spending cuts, and we are just looking at the defense piece today. the pentagon will face a cut of $492 billion. that is about a half trillion dollars over nine years. that works out to about a 55 billion-dollar cut per year, starting next year, 2013. defense analysts say this on top of hundreds of additional cuts already in place for defense will be devastating to the military. >> it is going to affect the operational force that is its livelihood to get it equipment and not just the force in afghanistan that is being reduced. it would impact the training as well. reporter: there is a large defense industry will also be hit. private companies may not get government contracts to keep them in business. >> severe budget cuts could literally put national security at risk if the companies that make the f-35 fighter jet or nuclear submarines or artillery pieces don't have the money and have to lay off work force and close facilities. reporter: jim moran said his district, right outside of washington, home to many who work in the
if we go over that fiscal cliff, that triggers fears of automatic spending cuts, and we are just looking at the defense piece today. the pentagon will face a cut of $492 billion. that is about a half trillion dollars over nine years. that works out to about a 55 billion-dollar cut per year, starting next year, 2013. defense analysts say this on top of hundreds of additional cuts already in place for defense will be devastating to the military. >> it is going to affect the operational...
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Dec 30, 2012
12/12
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part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us away from the fiscal cliff there was a word he did not say. that word was sequester. it would cut $100 billion from the budget next year, half from domestic programs and half from defense programs. and now as the deadline draws close, experts are look at these cuts from a national security standpoint and warning one final time about their impact on the safety of our service members. >> it is going to affect the operational force that is deployed in terms of its you ability to maintain its equipment and get repair parts. that force is deployed around the world. it is not just the force in afghanistan that
part of the looming fiscal cliff includes a painful dose of automatic spending cuts that would kick in just a few days from now. our military would be on the receiving end of a lot of it. a half trillion dollars in cuts over the next decade. it has a fancy name. it is called see -- sequestration. many warn of job losses and even the impact on the national security. now, the news on this from washington. >> harris, last friday when president obama rolled out his new plan for steering us...
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Dec 30, 2012
12/12
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all eyes on the senate as the nation moves closer and closer to the brink of that fiscal cliff with massive spending cuts and tax hikes set to automatically kick in. they are trying to come up with a last minute compromise. president said any bipartisan bill would have to extend unemployment benefits affecting some 2 million americans. it would also have to increase taxes on the highest income earners. >> just can't afford a politically self-inflicted wound to our economy. the economy is growing, but keeping it that way means that the folks you sent to washington have to do their jobs. >> the president's proposal to raise taxes on the top two percent of americans won't even pay one-third of the annual interest that's now owed on the massive $16 trillion debt. >>> the house returns tonight just one day before a deal needs to be reached. it's likely negotiators will be burning the midnight oil as the clock ticks down to 2013. >> much more on the fiscal cliff this morning on abc's "this week i charles shumer of new york and republican senator john kyle of arizona debate the last-minute efforts
all eyes on the senate as the nation moves closer and closer to the brink of that fiscal cliff with massive spending cuts and tax hikes set to automatically kick in. they are trying to come up with a last minute compromise. president said any bipartisan bill would have to extend unemployment benefits affecting some 2 million americans. it would also have to increase taxes on the highest income earners. >> just can't afford a politically self-inflicted wound to our economy. the economy is...